Hogan Lovells guides Urstadt Biddle in merger with Regency Centers, creating a US$16 billion retail property giant
Washington, D.C., 19 May, 2023 – A team from global law firm Hogan Lovells has advised Urstadt Biddle Properties Inc. in a definitive merger agreement with Regency Centers Corp., by which Regency will acquire Urstadt Biddle in an all-stock transaction valued at approximately US$1.4 billion, including the assumption of debt and preferred stock.
The combined company is expected to have a pro forma equity market capitalization of approximately US$11 billion and total enterprise value of approximately US$16 billion. The combined portfolio will comprise 481 total properties encompassing more than 56 million square feet of gross leasable area.
The transaction is currently expected to close late in the third quarter or early in the fourth quarter of 2023, subject to the receipt of approval of Urstadt Biddle stockholders and satisfaction of other customary closing conditions. Further detail on the transaction can be found here.
The Hogan Lovells team was led by partner Stacey McEvoy, and included (all based in our Washington, D.C. office except where noted) David Bonser, Co-Head of the firm’s Corporate & Finance practice, along with partners Cristina Arumi, Lauren Clarke (New York), and Martha Steinman (New York), counsel Matthew Bowles, senior associates Ariel Anderson and Bothwell Graham, and associates Dylan Hays, Katheryn Lee (New York), and Kavita Satiya.
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